Menu

Search

  |   Commentary

Menu

  |   Commentary

Search

Oil in Global Economy Series: Key oil market updates

While the oil market continues to focus on supply/demand fundamentals, these are some key updates that you need to keep a tab on,

  • U.S. oil rig count: The United States has already proved to be a major influencing factor in the global oil market as production reached 9.54 million barrels per day before declining sharply over the impacts of Hurricane Nate. However, the production has recovered equally fast and is currently at a record high of 9.68 million barrels per day. To keep a tab on U.S. oil supplies, one needs to keep oneself updated on the numbers of oil rigs operating in the United States. As of latest report, the numbers of operating rigs have risen to 749, the highest level since early October. The numbers of operating rigs have increased 140 percent since bottoming in May last year.
     
  • Venezuela: Venezuela is planning to launch first ever oil backed cryptocurrency to bypass the sanctions imposed by the United States and to find a solution to its staggering debt problem.  
     
  • OPEC meeting: Last week, OPEC and participating N-OPEC members extended the current production agreement, until the end of 2018.
     
  • U.S. oil and Asian refiners: According to Reuters, Asian refiners are looking to boost crude imports from the United States and the WTI benchmark is trading at a healthy discount to other global benchmarks such as Brent, OPEC basket, Dubai crude etc.

Key global oil benchmarks:

WTI - $57.7/barrel

Brent - $63.1/barrel

OPEC basket - $61.1/barrel

Urals - $62.2/barrel

Oman - $61.7/barrel

Dubai - $61.1/barrel

Western Canada Select - $40.3/barrel

 

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

October 17 03:00 UTC Released

KRBroad Money

Actual

3725804.5 KRW

Forecast

Previous

3713635.6 KRW

October 17 03:00 UTC Released

KRMoney Supply Growth

Actual

6.2 %

Forecast

Previous

6.2 %

January 31 00:00 UTC 373261373261m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 373261373261m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 385081385081m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 373261373261m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 385081385081m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 373261373261m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 373261373261m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 373261373261m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.